Too many banks are failing underserved communities—but used correctly, financial technology can make a positive contribution.
Underserved communities usually pay excessive bank fees or even get completely pushed out of traditional banking services. That’s not acceptable, and mission-driven neobanks like mine are working to make real change for the better.
Neobanks are becoming the face of modern banking, particularly for those who haven’t been well-served by traditional financial institutions. Many of these online and mobile-first fintech companies promise low fees and transparency and are presented in a user-friendly interface. Plus, the latest mission-driven neobanks take on an additional challenge: addressing the particular and wide-ranging needs of underserved communities.
For example, Cheese aims to serve Asian American customers, and Daylight offers banking for the LGBTQ+ community. Fair, the banking platform that my team and I launched this year, is the first…
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Source : fastcompany.com
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